Revetas, a specialist real estate investment manager focusing on Central and Eastern Europe, together with funds managed by Goldman Sachs Asset Management, has acquired TriGranit from TPG Real Estate, the real estate platform of global alternative asset firm TPG.
Terms of the transaction were not disclosed.
TriGranit’s high-quality portfolio of Central and Eastern European assets comprises a total gross leasable area of more than 1.9 million square feet, made up of class A office buildings fully leased to high-quality international tenants and three class A permitted office development projects. The total asset value, including gross development value, exceeds €450 million ($522 million). Two of the class A office development projects, B4B Building H in Krakow, Poland, and Millennium Gardens in Budapest, are already under construction, while B4B Building I in Krakow and Silesia Towers 1 in Katowice, Poland, are expected to be launched in the near future. These will continue to be developed by TriGranit to the highest quality office specification and in a sustainable manner, with the aim of achieving the highest possible green building certifications.
Eric Assimakopoulos, managing partner at Revetas, commented, “Revetas’ acquisition of TriGranit represents the opportunity to create further exceptional real estate developments in key university cities in Central and Eastern Europe, combining both Revetas’ long-standing track record in the region as a value-add investor and TriGranit’s exceptional track record as a developer.”
Under TPG Real Estate’s ownership, TriGranit executed a number of value-creating initiatives in areas such as asset management, development and operational improvements. During this period, TriGranit completed several developments and executed on successful transactions, including the sales of Bonarka City Center in Poland, Millennium Towers in Hungary and Lakeside Offices in Slovakia. TPG Real Estate has a history of building and scaling differentiated real estate platforms across Europe and North America. Select current and past investments include A&O Hotels and Hostels, Arlington Properties, Enlivant, Evergreen Industrial Properties, LifeStorage, P3 Logistic Parks, and Taylor Morrison.
